Silver continue to move as part of the correction and the formation of the “Triangle” model. At the time of the publication of the forecast, the price of Silver is 18.70. Moving averages indicate a bearish trend. Prices have gone down from the area between the signal lines, which indicates pressure from sellers of the asset and a potential continuation of the fall in value already from current levels. At the moment, we should expect an attempt to develop a correction in the value of the metal and a test of the resistance level near the area of 19.05. Where should we expect a rebound down and the continuation of the fall in the price of Silver with a target below the level of 15.85.
XAG/USD Forecast Silver and Analysis July 28, 2022
An additional signal in favor of falling quotes and prices for XAG/USD Silver will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of the fall will be a rebound from the upper border of the Triangle pattern. Cancellation of the option of falling prices for Silver on July 28, 2022 will be a strong growth and a breakdown of 21.05. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 22.65. It is worth expecting an acceleration in the fall of XAG/USD quotes with a breakdown of the support area and closing the price below the level of 17.25, which will indicate a breakdown of the lower border of the “Triangle” model and the beginning of working out this pattern with targets below.
XAG/USD Forecast Silver and Analysis July 28, 2022 suggests an attempt to test the resistance area near the level of 19.05. Further, the continuation of the fall of quotations with the target below the level of 15.85. Cancellation of the option of falling prices for Silver will be a strong growth and a breakdown of the level of 21.05. This will indicate a breakdown of the resistance level. In this case, we should expect the price of Silver to continue rising with the target at 22.65.
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